Question: To help identify risks, what are some questions a project manager could ask when reviewing the project charter and WBS?

Instructions: This question involves the student posting a substantive response of at least 250 words and reference the textbook(s) and at least one (1) scholarly journal article. The journal article should provide substantive support to your answer. In addition, to the initial post of the discussion, the student is required to respond to any TWO (2) classmates’ responses. These responses should be substantive and a minimum of 100 words.  A response such as “I agree” or “I liked what was said” is NOT substantive and will not be counted for course credit. Please be aware of time constraints as all initial responses to discussion questions are due by Thursday evening at 11:59 p.m. EST and discussion question responses are due on Sunday evening at 11:59 p.m. EST

Responses:

1) for  Prodipta Chatterjee

The risks in a projects are classified like this-
Systematic Risks and Unsystematic Risks:- Systematic Risk are those that are strange and they exist characteristically as the venture procedure occurs.
We use procedures like Avoidance, Reduction, sharing and Retention for Risk the executives. Subsequently we have to pose inquiries if every single such hazard have been distinguished and if suitable moderation methodology been characterized.
Unsystematic Risks: are those that can be broadened, for instance we may just make a reliance outlines which will help guarantee that that at no season of the task unnecessary conditions are made on a solitary individual and so on.
Continuously guarantee that the dangers are differentiated. Pose your inquiries to check whether the Man, Material and Money related dangers are unmistakably recognized and alleviated utilizing the previously mentioned procedures of Avoidance, Reduction and Sharing.

These risks are appropriate to every one of the areas yet can be controlled. On the off chance that there is a declaration or occasion which impacts the whole securities exchange, a reliable response will stream in which is a methodical risk.These are dangers which are existing yet are impromptu and can happen anytime of causing across the board interruption. For example on the off chance that the staff of the carrier business goes on an uncertain strike, at that point this will make hazard the portions of the aircrafts business and fall in the costs of the stock affecting this industry. (Vaidya, 2019)

Reference –

Vaidya, D. (2019, November 12). Systematic Risk vs Unsystematic Risk: Top 7 Differences (Infographics). Retrieved from https://www.wallstreetmojo.com/systematic-risk-vs-unsystematic-risk/.

2) for  Chetankumar Anilkumar Prajapati

Identification of risk refers to the process of identifying the risk would that would most likely affect the project and characteristics of the same is required to be documents. Project managers are solely responsible for identification of the risk but, they are dependent on the subject matter experts for identifying the risk underlying the project.

Project Charter:

A project charter refers to the document that provides the project manager with the authority to start with work (Marsh, 2001). It helps define the objective which is required to be achieved and the manner in which the project is going to begin. Therefore, for the charter, the project manager is required to ensure that there are total under.

Work Breakdown System (WBS):

Work breakdown structure refers to the project deliverables which organizes the work of teams into the manageable section (Dennis, 2007). It is the chart pertaining to which the critical task underlying the project is represented in order to show relationship amongst the task and with the project. Therefore, under work breakdown structure the project manager is required to identify the potential risk underlying each item that exists in WBS, so as to achieve the objective of the project easily.

References:

Dennis, L. (2007) Project Management (9th ed.) Gower Publishing, Ltd.,

Marsh, D. (2001). “The Harmonogram of Karol Adamiecki”. In: The Academy of Management Journal. 18(2),358